## Morocco: First Review Under the Arrangement Under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Morocco

_IMF Staff Country Reports, June 7, 2017_

## Source details

**Canonical URL:** [Morocco: First Review Under the Arrangement Under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Morocco](https://www.imf.org/en/publications/cr/issues/2017/06/07/morocco-first-review-under-the-arrangement-under-the-precautionary-and-liquidity-line-press-44973)

## Other formats

- [Markdown version](/en/publications/cr/issues/2017/06/07/morocco-first-review-under-the-arrangement-under-the-precautionary-and-liquidity-line-press-44973/index.md)
- [Structured JSON version](/en/publications/cr/issues/2017/06/07/morocco-first-review-under-the-arrangement-under-the-precautionary-and-liquidity-line-press-44973/index.json)
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## Bibliographic details
- Published: June 7, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484303146.002

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### Overview
- The paper discusses Morocco’s First Review under the Arrangement under the Precautionary and Liquidity Line (PLL).
- Morocco’s economic fundamentals and policy frameworks are sound.
- The authorities have not drawn on the arrangement and continue to treat it as precautionary.

### Key Findings
- The September 2016 quantitative indicative targets (ITs) were met.
- The end-March 2017 fiscal deficit ITs were met.
- The end-March 2017 reserves ITs were missed owing to the widening current account deficit since July 2016.
- Morocco is implementing well-constructed policies and remains committed to maintaining such policies in the future.

### Policy Assessment
- Implementation: Policies are being implemented as designed and are judged to be well-constructed.
- External position: A widening current account deficit since July 2016 led to missed reserves ITs at end-March 2017.
- Use of arrangement: The authorities have treated the PLL arrangement as precautionary and have not drawn on it.

### Quantitative Targets and Outcomes
- September 2016: quantitative indicative targets (ITs) — met.
- End-March 2017: fiscal deficit ITs — met.
- End-March 2017: reserves ITs — missed (reason: widening current account deficit since July 2016).

### IMF Staff Recommendation
- The IMF staff recommends the completion of the first review under the PLL arrangement.

### Subjects and Keywords
- Subject: Credit, External debt, External position, Government debt management, Money, Public debt, Public financial management (PFM)
- Keywords: CR, Credit, deficit, Global, Government debt management, IMF's Executive Board, ISCR, Maghreb, Morocco's PLL arrangement, PLL, PLL objective, PLL qualification criteria, policy implementation, Sub-Saharan Africa

*International Monetary Fund. Morocco: First Review Under the Arrangement Under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Morocco, June 7, 2017.*

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## Content in this bundle

- **Country Report**
  - [Country Report (Markdown version)](/-/media/files/publications/cr/2017/cr17146.pdf.md){rel="alternate" type="text/markdown"}
  - [Country Report (PDF)](/-/media/files/publications/cr/2017/cr17146.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2017/06/07/morocco-first-review-under-the-arrangement-under-the-precautionary-and-liquidity-line-press-44973_